Comparative economic policy
The course aims to provide students with theoretical and methodological backgrounds to understand the main issues that economic policy must face in the global economic context, also in light of the events of recent years, from the financial crisis to the recession following the difficulties of sovereign debt in the Eurozone. The course also takes into account recent changes in monetary policies and introduces the innovative theme of financial stability. With regard to growth policies, particular attention is paid to the crucial issue of inequalities.
The learning objectives of the course can be declined as follows:
Knowledge and understanding
Students will develop applicative skills in the following areas:
• analysis of the functional relationships between the main macroeconomic quantities and the reciprocal relationships between market mechanisms and state intervention.
• analysis of the proposed measures of monetary policies, also by addressing the innovative theme of financial stability, and assessing their adequacy with respect to the stated objectives with independent judgment.
• academic research on the reasons that determine public intervention in the economy, the ways in which this intervention can be developed with reference to a comparative analysis of the main capitalist systems
Applying knowledge and understanding
Students will develop the ability to apply theoretical foundations to cases derived from current events and history, demonstrating their ability to generalize the scope of specific measures and the capacity to interpret theoretical indications based on the concrete institutional context.
The student should be able to use autonomously the acquired knowledge solving specific issues such as the evaluation of policies implemented by the major national and international institutions and organizations.
The student is expected to give clear and in-depth answers to the questions of the written exam and, eventually, to the ones of the oral exam. The communication skills will be refined through the discussion in classroom of case studies through which the student will learn on how to communicate the results of the analyzes conducted with the help of reports and synthetic graphs.
Lifelong learning skills
The student should be able to show a good learning ability, by widening, for example, his/her knowledge with use of relevant bibliographic references. The student will have the opportunity to apply the knowledge gained in previous courses integrating them with the additional professional skills that characterize the course.
General knowledge and reasoning ability. Some basic knowledge of macroeconomics, microeconomics and statistics, if previously acquired by the student, can facilitate the learning process.
I MODULE (16 hours): Basics of Economic Policy
Introduction to economic policy - Reasons for public intervention - The assessment of economic policies - The limits of economic policies - International interdependence of policies.
II MODULE (40 hours): Public policies and comparative analysis
Fiscal policy - Fiscal policy rules and institutions - Monetary policy - Financial stability - International financial integration and monetary policy - Tax policy
III MODULE (16 hours): Growth and employment
Concepts, theories and policies of employment - labor market matching models - Productivity, Technology and Efficiency - Inequality and economic growth
The course will be organized in 3 weekly frontal lectures, for a total of 72 hours (9 CFU), divided in frontal/ theoretical lectures, exercises and group work. The frontal teaching will be oriented to stimulate the training of critical and communicative skills of students, also through the analysis of case studies drawn from literature or from current events structured in the form of multimedia presentations held by the teacher followed by classroom discussions.
Bénassy-Quéré A., Coeuré B., Jacquet P., Pisani-Ferry J., Petretto A., Russo F. Politica economica: Teoria e pratica, 2019 Mulino.
Suggested journal articles
The assessment is based on a written examination composed of thematic questions aimed at evaluating the actual achievement of the objectives on part the students. In order to evaluate the depth in understanding general theoretical knowledge, the class work includes open questions on the program’s topics. In their answers the students should be able to show and illustrate the fundamental concepts acquired during their studies. An oral examination can also be held, in case the teacher judges it useful to better ascertain the student’s knowledge. The vote of the oral examination is expressed in scale from 0 to 30, and it is averaged with the vote of written examination (equal weighting) in order to determine the final vote.